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Crime and Investigations

Fantom Foundation Hacked, Millions Lost in Latest Crypto Security Breach

Fantom Foundation Hacked, Millions Lost in Latest Crypto Security Breach

The Fantom Foundation, often considered a competitor to Ethereum (ETH), recently faced a significant security incident, as reported by experts in the blockchain security field.

According to updates shared on CertiK Alert’s social media platform, wallets affiliated with the Fantom Foundation have experienced unauthorized withdrawals of both ETH and FTM tokens. Specifically, the incident involved:

  • Fantom Foundation Wallet 20 saw a depletion of roughly $470,000 worth of FTM.
  • Fantom Foundation Wallet 18, reporting losses of at least $187,000 in ETH.

This security breach is currently under active investigation, and regular updates will be provided as the situation develops.

An analyst using the pseudonym “Spreek” estimated that the overall gains resulting from this breach could be in the ballpark of $6.7 million. He wanted to let people know that not all of these gains may be directly linked to Fantom or its associated wallets.

CertiK Alert has also disclosed the Ethereum address associated with the suspected attacker. The stolen assets have been consolidated in this address and currently hold approximately 4,501.48 ETH, equivalent to an estimated $7 million.

READ MORE: US Government’s Bitcoin Treasure Trove: $5.4 Billion in Limbo

Earlier this month, Beosin EagleEye, a blockchain security firm, released a report indicating that during the third quarter of 2023, the cryptocurrency space experienced a substantial loss of $889,260,000 due to various security breaches, fraudulent activities, and rug pulls.

Among these incidents, 43 major attacks collectively resulted in an approximate loss of $540.16 million. Phishing scams contributed to a total loss of approximately $66.15 million, and there were 81 rug pulls that cumulatively led to a loss of around $282.96 million.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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